On July 2, 2013, Ontario's Ministry of Finance released for
public comment draft regulations that would give life to the
new pension asset transfer provisions in Ontario's Pension
Benefits Act (PBA) that were inserted in the PBA three years ago
– on May 18, 2010 (through Bill 236) – but have yet to be
proclaimed into force.
The stated aim of the draft regulations is to "facilitate
the restructuring of pension plans affected by corporate
reorganizations, while protecting benefit security for plan members
and pensioners", to allow for more efficient and timely
transactions and to simplify the regulatory approval process.
The draft regulations identify the information that will have to
be submitted with an asset transfer application in order to obtain
the Superintendent's consent (including detailed notice
requirements found in a number of schedules to the draft
regulations). In addition, these regulations impose time limits on
when certain information will have to be provided to plan
beneficiaries or to the Superintendent both prior to and after the
Superintendent has consented to the asset transfer.
The Ministry of Finance has requested comments on the draft
regulations by September 9, 2013. Hopefully the Government will be
able to address the comments that are provided and finalize the
regulations so that they can be in force by January 1, 2014. A more
detailed post on the asset transfer regulations will follow once
these regulations have been released in final form.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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